Accounting

Classes

ACC 101 : Principles of Accounting I

This course focuses on the basic structure of financial record keeping. Attention is directed to journalizing, adjusting, closing and reversing entries. Emphasis is placed on the preparation of financial statements for service and merchandising firms. Other topics covered include deferrals and accruals, cash reconciliation, receivables and payables, payroll accounting, internal control and accounting ethics. Computer applications are integrated into the course in a variety of ways, including in a computerized lab setting. Three lecture hours and one computer laboratory hour per week. Fall, Spring, Summer.

Credits

4
  1. Define and discuss terms used in contemporary accounting.
  2. Explain the functional role of accounting and its impact on the success of an organization.
  3. Define ethics as it relates specifically to accounting as well as to business and to society generally.
  4. Journalize basic transactions and prepare basic adjusting and closing entries.
  5. Prepare basic financial statements for service and merchandising firms.
  6. Prepare and maintain a payroll for a business.
  7. Assess the ability of financial controls to deter fraud.

ACC 102 : Principles of Accounting II

This course is designed to continue with the study of financial accounting. The course covers inventory costing systems, fixed assets and intangible assets, corporations, bonds payable, cash flows and financial analysis. Additionally, the course introduces students to managerial accounting topics, including internally generated reports used to direct operations and make decisions. Computer applications are integrated into the course in a variety of ways, including in a computerized lab setting. Three lecture hours and one computer laboratory hour per week. Fall, Spring, Summer

Credits

4

Prerequisites

ACC 101 with C or better or permission of the department chair.
  1. Define and discuss terms used in contemporary accounting.
  2. Explain the functional role of accounting and its impact on the success of an organization.
  3. Define ethics as it relates specifically to accounting, as well as to business and to general society.
  4. Journalize advanced transactions involving inventory, fixed and intangible assets, as well as bonds.
  5. Perform basic financial analysis.
  6. Prepare a statement of cash flow and communicate its impact on an enterprise.
  7. Utilize managerial accounting skills to help managers make decisions.

ACC 114 : Introduction to QuickBooks Pro

This is an introductory course to familiarize the student with the most widely used financial software in small business. It is recommended for any individual who would like to learn, hands-on, how to record accounting data in a computerized environment. Topics presented include the basic procedural steps to create a QB company, process sales and receipts, record purchases and payments, reconcile banking transactions and create and customize forms. Prior knowledge of accounting procedures is not necessary. ACC 114 will be waived for students who have taken ACC 150. Three hours of lecture per week over 5 weeks. Fall, Spring

Credits

1

In addition to fulfilling the objectives stated at the beginning of each covered chapter, the students should also be able to:

  1. Open A Portable Company File.
  2. Create Customer-Related Reports.
  3. Enter and Pay Bills.
  4. Manage Debit and Credit Card Transactions.
  5. Plan and Create A Company File.
  6. Customize Reports and Graphs. 
  7. Apply the Accounting Cycle and Process to GAAP.
  8.  Much, Much More!

ACC 150 : Small Business Financial Software

This is an introductory course, which is recommended for any individual who would like to learn the basics of the most widely used financial software applications in small business today. Utilizing a hands-on approach to learning, students are introduced to the latest version of QuickBooks Pro and the business applications of Excel Spreadsheet Analysis. QuickBooks topics include the basic procedural steps to create a QB company, process sales and receipts, record purchases and payments, reconcile banking transactions, and create and customize forms. The Excel portion of the course covers basic functions with a business-oriented approach, including the creation of charts. Upon completion of the course, students can choose to take the Microsoft Office Certified Specialist Exam in Excel. Knowledge of accounting procedures is not necessary. ACC 114 will be waived for students who have taken ACC 150. Three lecture hours per week. Fall, Spring

Credits

3

Upon successful completion of this course, the students should have a basic understanding of or able to:
1.  Key Accounting Concepts and Cycle.
2.  The definition of Computerized Accounting & Cloud-Based Computing.
3.  Create a company and make changes to Account and Settings.
4.  Enter and manage Sales Invoices (Service Items)
5.  Enter and manage Purchases Invoices (Service Items)
6.  Reconcile Bank Statements.
7.  Record End-Of-Period Adjustments.
8.  Close the End of a Period.
9.  Generate and print Financial Reports.
10. Enter and manage Sales Invoices (Inventory Items).
11. Enter and manage Purchases Invoices (Inventory Items).
12. Activate and Process Payroll.
13. Create and edit Workbooks, Formulas and Functions.
14. Manage multiple Tabs in Worksheets.
15. Create and edit Charts.
16. Conditional Functions.

ACC 201 : Intermediate Accounting I

A study of accounting using comprehensive problems that expand the treatment of cash, receivables, investments, inventories, plant assets, current and long-term liabilities, and financial statements. The course involves Excel spreadsheets, financial analysis, and use of the Internet. Three lecture hours per week. Fall

Credits

3

Prerequisites

ACC 102 with a C or better or permission of department chair.
  1. Define and discuss terms used in contemporary accounting.
  2. Explain the functional role of accounting and its impact on the success of an organization.
  3. Define ethics as it relates specifically to accounting as well as to business and to general society.
  4. Explain the need for accounting standards.
  5. Identify the major policy setting bodies and their role in the standard setting process.
  6. Explain the meaning of GAAP and the role of the codification of GAAP.
  7. Describe the major disclosure techniques for the balance sheet as well as the usefulness of the statement of cash flows.

ACC 202 : Intermediate Accounting II

This course studies stockholders' equity, contributed capital, treasury stock, retained earnings, dilutive shares and earnings per share, investments, revenue recognition, income taxes, pensions and post-retirement benefits, statement of cash flows, full disclosure in financial reporting, and basic financial statement analysis. Three lecture hours per week. Spring

Credits

3

Prerequisites

ACC 201 with C or better or permission of department chair.
  1. Define and discuss terms used in contemporary accounting.
  2. Explain the functional role of accounting and its impact on the success of an organization.
  3. Define ethics as it relates specifically to accounting as well as to business and to general society.
  4. Explain the accounting procedures for issuing shares of stock as well as accounting for stock dividends and stock splits.
  5. Compute EPS for simple and complex capital structures.
  6. Describe the accounting for stock compensation plans under GAAP.
  7. Identify differences between pretax financial and taxable income.

ACC 253 : Cost Accounting

This course studies basic concepts and cost procedures as applied to any project-oriented enterprise. It examines job order and process cost systems and explores the relationship of cost accounting to control and decision-making functions of management. Three lecture hours per week. Fall

Credits

3

Prerequisites

ACC 102 with C or better or permission of department chair.
  1. Define and discuss terms used in contemporary cost accounting.
  2. Explain the functional role of cost accounting and its impact on the success of an organization.
  3. Define ethics as it relates specifically to cost accounting as well as to business and to general society.
  4. Explain basic cost concepts, including cost-volume-profit relationships.
  5. Perform standard cost and variance analyses to help control costs within an organization.
  6. Recognize the types of cost accounting systems used effectively to track costs incurred to produce and sell various product and service lines.
  7. Explain cost procedures as applied to any project-oriented enterprise.
  8. Utilize the knowledge of product and service costs to set pricing and to analyze relative profitability.
  9. Use the appropriate techniques to measure financial and nonfinancial performance and to motivate managers toward organization goals.

ACC 255 : Federal Taxation I

This course provides a study of federal income tax laws as they apply to individuals. Topics include income, including inclusions and exclusions; capital gains and losses; deductions and losses; itemized deductions; bad debts; employee expenses and deferred compensation; and preparation of returns for individuals, including sole proprietors. The course emphasizes decision making and tax planning. Three lecture hours per week. Fall

Credits

3

Prerequisites

ACC 102 with C or better or permission of department chair.

Upon successful conclusion, students should:
1. Identify the sources of gross income subject to federal income taxation and be able to apply that identification to specific taxpayer situations.
2. Know the exclusions from income in the federal income tax scheme and be able to apply those exclusions to specific taxpayer situations.
3. Determine adjustments to and from adjusted gross income and realize the significance of each on specific taxpayer situations.
4. Determine the itemized deductions that various taxpayers can properly take.
5. Identify the various business expenses and losses.
6. Identify deductible employer business expenses.
7. Develop an understanding of passive activities and passive losses.
8. Identify the various tax credits and be able to properly apply those credits.
9. Develop an understanding of adjusted taxable basis and the exemption provisions of the federal.
 

ACC 256 : Federal Taxation II

This course completes the study of federal income tax laws as they apply to individuals, then moves on to corporations. Topics include depreciation, amortization and depletion, accounting periods and methods, property transactions, special tax computation methods, tax research, corporations, partnerships and S corporations, and investment planning. The course emphasizes decision making and tax planning. Three lecture hours per week. Spring

Credits

3

Prerequisites

ACC 255 with C or better or permission of department chair.

Upon successful conclusion, students should:
1. Explain federal tax differences and similarities of business entities.
2. Apply basic tax rules on operation and formation of business entities for tax compliance and planning purposes.
3. Explain the historical, operational and policy reasons for the basic federal tax rules governing business entities.
4. Develop conceptual and analytic skills with real world applications.
5. Identify, understand and resolve complex and mult-ijurisdictional tax issues within the context of our global economy and society.
6. Learn and acquire research skills for exploring both familiar and novel areas of the tax law and to communicate the findings using clear terms.
7. Appreciate tax policy issues and foundations of the tax law.
8. Understand the ethical implications of tax practice.

ACC 257 : Managerial Accounting

This course examines the accountant's role in the business organization. It covers cost-volume-profit relationships with emphasis on break-even computations, profit planning, relevant costs and the contribution approach to short-term decisions, cost-behavior patterns, operational budgeting, financial budgeting, and capital budgeting. Students create management reports using Excel spreadsheet techniques. Three lecture hours per week. Fall

Credits

3

Prerequisites

ACC 102 with C or better or permission of department chair.
  1. Define and discuss terms used in contemporary managerial accounting.
  2. Explain the functional role of managerial accounting and its impact on the success of an organization.
  3. Define ethics as it relates specifically to managerial accounting, as well as to business and to general society.
  4. Do break-even computations, as well as other types of profit planning estimates.
  5. Explain operational, financial and capital budgeting, both verbally and in writing.
  6. Prepare internal performance reports of the business, including using excel spreadsheet techniques, and be able to communicate the results verbally and in writing.
  7. Analyze internal performance reports of the business, including using excel spreadsheet techniques, and be able to communicate the results verbally and in writing.

ACC 258 : Auditing

This study of the audit function, as performed by the outside public accounting firm, covers all stages-planning the audit, gathering evidence, review of internal control provisions, development of working papers, analysis of accounts, and preparation of statements and audit reports. The ethics of the accounting profession are stressed throughout the course. Three lecture hours per week. Spring

Credits

3

Prerequisites

ACC 102 with a grade of C or better or permission of department chair.
  1. Define and discuss terms used in contemporary audits.
  2. Explain the functional role of auditing and its impact on the success of an organization.
  3. Define ethics as it relates specifically to auditing, as well as to business and general society.
  4. Explain the demands for financial statement audits.
  5. Describe the relationship between accounting and auditing.
  6. Explain the overall process of planning, benchmarking, gathering evidence, analytical thinking and deliverables involved in conducting a financial audit.

ACC 259 : Analysis of Financial Statements

This course examines accounting as a device for evaluating past and current business activity. It emphasizes common analytical measures such as vertical analysis, common-size statements, ratio analysis, working capital flows, and cash flows. Other topics include proforma statements, operational and cash budgets, capital budgeting, and stock market fundamentals. Throughout the semester, students apply the fundamentals of each lesson to the financial statements of a real-life company of their choice. Three lecture hours per week. Fall, Spring

Credits

3

Prerequisites

ACC 102 with a grade of C or better or permission of department chair.

By the end of the class you will: 

  1.  Analyze financial statements using knowledge of the underlying accounting principles, and financial analysis techniques.
  2. Recognize the impact of operating, investing, and financing decisions on financial statements and how financial analysts interpret results. 
  3. Identify SEC rules affecting financial reporting and disclosure. 
  4. Demonstrate the ability to prepare prospective financial information. 
  5. Become familiar with the organization and disclosure of information reported in 10-K filings and the notes to the financial statements. You will have a detailed understanding of assets and liabilities reported on the balance sheet. 
  6. Be proficient at calculating and interpreting financial ratios. You will understand how to use ratios to compare a firm to its competitors and to evaluate changes in ratios over time and know how to use these ratios to help forecast the future. 
  7. Understand major valuation models. You will learn a unified framework for evaluation and be comfortable moving between discounted cash flow models, residual income models, and models based on market multiples such as the price-earnings ratio and the market-to-book ratio.